Company Notes

We think Sensata (ST; $47.20; O/P) again offers reasonable risk/reward into its Q1E print, which is scheduled for next Tuesday (4/25 before market). The stock has retreated 13% in recent weeks (vs. -1% for S&P…

We assume Corning (GLW; $34.74; E/W) meets our and Street Q1E expectations, while providing a Q2E outlook that basically lives up to investor thinking, when it reports next Tuesday (4/25 before market). This should especially…

We think Mobileye Global (MBLY; $43.13; E/W) produces Q1 sales, margins, and EPS that comfortably live up to Street expectations, which, per the table below, are moderately above our forecasts. Importantly, we think MBLY demonstrates…

Last night (4/13), Lucid Group (LCID; $8.25; O/P) announced it produced 2,314 vehicles during Q1 at its manufacturing facility in Casa Grande, Arizona, which is above the Street’s estimate of ~1,900 but modestly below our…

We are increasing our F2023E (Jun) EPS losses for Western Digital (WDC; $37.66; E/W) from ($2.40) to ($3.00) ahead of the company’s FQ3 (Mar) results and outlook, which we assume are on deck for some…

We reduce F2023E (Jun) EPS for Seagate (STX; $64.64; E/W) from $1.70 to $1.40 ahead of its FQ3 (Mar) results and outlook, scheduled for next Thursday (4/20 after market). We think FQ3E sales, already assumed…

We continue to think it is important to benchmark Aptiv’s (APTV; $104.45; E/W) broader entry into software, per its recent $3.5B acquisition of Wind River, against the well-established real time operating system (RTOS) position of…

We initiate on the shares of electric vehicle maker Polestar Automotive (PSNY; $3.84) with an Outperform rating and price target of $7. The stock has now declined 68% over the past year to a valuation…

We see Uber Technologies (UBER; $31.18; O/P) entering a period where “fundamental stars” should further align, which should bode well for the stock, especially after its 15% drop since posting Q4 results and guidance upside,…

We reviewed ChargePoint’s (CHPT; $10.02; O/P) 10-K, which was filed on Monday (4/3) for the fiscal year ending January 31st. The 10-K further highlighted the company’s leading scale in the still nascent battery electric vehicle…

Last night (4/4), Hyzon Motors (HYZN; $0.83) announced the appointment of Jiajia Wu, who currently serves as the company’s Chief Accounting Officer, as interim CFO while the company continues to search for a permanent CFO…

We establish an Equal-Weight on the shares of Nextracker (NXT; $33.55), a well-scaled, leading provider of solar trackers, which rotate solar panels to follow the sun’s movement for improved energy efficiencies. We see NXT’s prospects…

Yesterday (3/29), CommScope (COMM; $6.20; O/P) announced plans to further expand production of its fiber optic cables where we think industry demand likely exceeds supply for all of 2023E. We note this announcement comes on…

This morning, the South Carolina Department of Education announced plans to deploy 160 electric school buses, which will be powered by Proterra’s (PTRA; $1.51; O/P) battery technology, in school districts across the state over the…

This morning, Seagate (STX; $62.40; E/W) disclosed in an 8-K filing that it is proceeding with yet another round of cost actions, which we view as a negative indicator for its upcoming FQ3 (Mar) results…